This office lease clause provides the tenant with two consecutive renewal options each consisting of five years, under the same terms and conditions as those set forth in the lease for the initial term, except that Base Rent for the renewal terms differ.
The North Dakota Renewal Option Provision is a legal clause that is commonly added to leases or rental agreements in the state of North Dakota. It provides tenants with the right to renew or extend their lease for an additional term upon its expiration. This provision is designed to offer stability and flexibility to both landlords and tenants. The North Dakota Renewal Option Provision typically outlines certain conditions and terms that must be met in order for the tenant to exercise their renewal option. The specific requirements may vary depending on the type of lease or rental agreement being used. However, the main objective is to allow the tenant to continue occupying the property for an extended period of time if they so choose. One type of North Dakota Renewal Option Provision is the automatic renewal option. This means that the lease will automatically renew for a specified duration if the tenant does not provide written notice of termination within a specific timeframe before the lease expires. For example, if the lease term is one year and the automatic renewal option provision requires a 60-day notice of termination, the lease would automatically renew for an additional year if the tenant fails to provide timely notice. Another type of North Dakota Renewal Option Provision is the conditional renewal option. With this provision, the tenant has the right to renew the lease, but certain conditions must be met in order for the renewal to take effect. These conditions may include things like the tenant being in good standing, fulfilling certain obligations or requirements, or agreeing to updated terms and conditions. The North Dakota Renewal Option Provision offers both tenants and landlords advantages. Tenants benefit from the opportunity to maintain occupancy and stability in a property they are satisfied with. Landlords, on the other hand, benefit from the assurance of consistent rental income and the possibility of retaining responsible, reliable tenants. In conclusion, the North Dakota Renewal Option Provision is a valuable legal clause added to leases and rental agreements in North Dakota, allowing tenants the choice to extend their lease upon its expiration. It can be classified as either an automatic renewal option or a conditional renewal option, depending on the specific conditions and terms outlined in the provision.
